The Shoestore That Jordan Built Is For Sale
One of State Street's most popular retail storefronts is on the market. Thor Equities is seeking bids for 26 S State and 34 S State. The two connected properties are home to 32 S State, the shoe store that's a JV between Foot Locker's Footaction brand and Nike's Jordan brand.
Thor Equities is putting the buildings on the market when downtown retail assets are attracting major interest. The overall retail vacancy rate is at its lowest in 14 years. Meyer Bergman paid a record $295M for three Michigan Avenue retail properties last November. The Jordan Brand store is steps from the Central Loop core that will see increased interest from retailers seeking space they can't find on the Mag Mile.
Thor Equities bought the property for $5M in 2002, reports Crain's. The firm has taken a vacant property and repositioned it well over the years. The 15-year lease with Foot Locker calls for $2.75% annual rent escalations. [Crain's]